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Industry in Middle East

  • Aluminium Bahrain’s Line 6 Expansion Achieves 25 Percent Completion

    BAHRAIN, 2017/09/13 Aluminium Bahrain B.S.C. (Alba) updated shareholders on the firm’s evolution on the US$3-billion Line 6 Expansion Project yesterday, noting that the undertaking continues to run on the scheduled timeline. According to the firm, earthworks and concrete at the site are continuing as planned, with engineering at 50 % completion, and procurement and contracts at 70 % completion. In general the project is at 25 % completion, with the erection of structural steel slated for later this month.
  • Damac awards $953m worth of contracts so far in 2017

    CHINA, 2017/09/08 Luxury real estate developer Damac Properties has revealed it awarded over 370 contracts worth $953 million (AED3.5b) since January 2017 for construction, supplier and consultancy services across 20 of its projects. Additional than 50 % of contracts awarded, $490m, has gone towards the firm’s major master golf community, Akoya Oxygen, with major construction ongoing across the 55-million square foot development.
  • Peugeot-Citroen lifted by Iran sales

    IRAN, 2017/08/28 French auto giant Peugeot Citroen (PSA) said Thursday world sales rose slightly in the initial half with its Iran comeback compensating for problems in China where volumes plunged by almost 50 %. Between January and June, PSA's sales in China fell by 48.6 % to 152,380 units, while in Europe, its major market, turnover was down 1.9 % to 1.03 million units, largely due to a poor performance by its luxury DS brand.French auto giant Peugeot Citroen says global sales rise slightly with Iran comeback, despite problems from China market.
  • Iran expects $5B in petrochemical exports revenues

    IRAN, 2017/08/27 Iran’s petrochemical products export volume is expected to reach 11.5 million tons in the initial half of current fiscal time(started on March 21), while the revenues will reach $5.25 billion, show the statistics of the Iran’s National Petrochemical Company’s official document procured by Trend. The country’s petrochemical output for the one year period to Aug. 21 is as well expected to stand at 51.9 million tons, compared to 51.3 million tons of products in Aug. 21, 2015-2016.
  • Iran Marine Industries Organization unveils new watercraft gearbox

    IRAN, 2017/08/26 Iranian Defense Ministry’s Marine Industries Organization has unveiled a new domestically made two-speed gearbox to be used in watercraft. Speaking about the new product, the Marine Industries Organization’s managing director, Rear Admiral Amir Rastegari said propulsion systems are a major part of vessels and manufacturing them is a sign of advancement, Tasnim news agency reported on August 25.
  • Abu Dhabi targets major increase in petrochemical output

    UNITED ARAB EMIRATES, 2017/04/16 The national-owned Abu Dhabi National Oil Company (ADNOC) announced plans in November to additional than double petrochemical production over the next decade as part of its 2030 strategy. Released alongside the company’s five-year plan and operational budget, all three initiatives aim to strengthen ADNOC’s presence in the energy sector and enhance its competitiveness. With high request expected in the coming years, the petrochemical industry presents a strong investment case, and its expansion is being pursued as a critical element of Abu Dhabi’s ongoing economic diversification strategy.
  • City Cement’s Deputy CEO Majed Al-Osailan

    SAUDI ARABIA, 2016/12/11 As Saudi Arabia’s new economic masterplan puts the onus on private sector-led increase, City Cement CEO, Saleh Al-Shabnan, talks about the impact of Vision 2030 on his industry and explains why his firm was ahead of the game in becoming self-sufficient Since the formal unveiling of Vision 2030 in April 2016, Saudi and international companies have been busy appraising the implications of the economic diversification masterplan for their industries. The cement sector is no different.
  • Resource extraction in potash and phosphate supports the Jordanian economy

    JORDAN, 2015/12/27 As the seventh-major producer of potash in the world, Jordan is producing around 2m tonnes per annum of this vital fertiliser ingredient. The country is as well home to one of the world’s major phosphate rock sectors, making minerals extraction one of the country’s top industrial sectors and a major support for the Jordanian economy. World competition has increased in the completed decade, with the kingdom’s potash and phosphate miners obliged to find new ways to boost efficiency and gain new markets. The sector is as well getting sharper at utilising its existing resources and leveraging Jordan’s strong positioning in world supply chains. LONG PEDIGREE: Jordan is home to additional than 20 non-metallic minerals and four major metallic deposits within its 89,566-sq-km territory. Copper and iron mining has been conducted in the area presently known as Jordan since the Bronze Age, although recent mining activity began in earnest in 1949, with the establishment of the Jordan Phosphate Mines Company (JPMC). The major mineral extraction industries in the kingdom have since been dominated by phosphates and potash, but as well include salt, calcium carbonate, treated zeolite, treated silica and travertine.
  • Israeli company launches Western Hemisphere's largest desalination plant

    ISRAEL, 2015/12/16 Israeli water sector giant IDE Technologies dedicated the major desalination plant in the Western Hemisphere on Monday – a facility that will produce some 190 million liters of water daily for the residents of southern California. Providing a new source of water in a national that has long suffered severe droughts, the Claude “Bud” Lewis Carlsbad Desalination Plant will be quenching the thirst of roughly 10 % of San Diego County, according to IDE. Employing advanced pretreatment and seawater reverse osmosis technologies, the plant is able to generate potable water of the highest quality while significantly reducing energy consumption, the company explained. The desalination plant is the result of a 30-year water purchase agreement between the plant’s local developer and owner, Poseidon Water, and the San Diego County Water Authority, a joint statement said. The plant, which will be operated by IDE, has created some 2,500 jobs and generated about $350 million for the local economy, the statement added.
  • Banking With Cultural Protection Emirates NBD, a custodian of UAE’s pearl diving heritage

    UNITED ARAB EMIRATES, 2015/12/14 Created by one of the majority prominent philanthropists in the history of the UAE, the Emirates NBD Pearl Museum houses one of the major and finest collections of pearls in the world, and was gifted to the country as a reminder of its culture and heritage. In 1963, the late Sultan Al Owais founded the National Bank of Dubai. Emirates NBD was formed in 2007 next the merger between Emirates Bank International (EBI) and the National Bank of Dubai (NBD), which combined the second and fourth major banks in the United Arab Emirates (UAE). Today, it is one of the major banks in the region – as of September 30, 2015, total assets were AED 390.4 billion (equivalent to approx. US$106 billion) – and the group has a leading retail banking franchise in the UAE, with additional than 219 branches and over 916 ATMs and CDMs in the UAE and overseas. Furthermore, it is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, world markets and treasury, investment banking, private banking, investment management, and brokerage operations.